Caregiving Responsibilities Forcing People to Leave Jobs

The workplace is being affected by an aging America. You would think the virus crisis is enough, but long-term health care is a growing concern as family members must become caregivers.

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Caregiving Responsibilities Forcing People to Leave Jobs
4 Min Read March 4th, 2019 Updated:March 9th, 2022

Worry? If it weren't for worry, what would you be thinking about these days? The COVID-19 virus crisis isn't entirely over. We have inflation to be concerned about and how inflation affects our current lifestyle and our future (or current) retirement. Gas prices, food, and just about everything costs more today than a few years ago. We can also worry about the Russian invasion of Ukraine and its impact on the rest of the world.

Yet we have a family and financial crisis that has been building for decades. We cannot ignore that an aging America affects the workplace, placing stress on employers and employees alike. Three-quarters of U.S. workers surveyed by Harvard Business School provide caregiving services, often for an older parent, relative, or spouse. 

When a family lacks a plan for the financial costs and burdens of aging, the responsibility of being a caregiver will go to an adult son or daughter (or in-law), at least on a part-time basis. 

Extended Care Creates Challenges for Family

Paid professional long-term health care is expensive and is rising rapidly nationwide. The costs can drain an estate quickly. The adult children will be responsible for managing the care situation, finding professional caregivers and facilities, selecting which assets to sell off, and even providing care themselves. 

These responsibilities compete with careers. 80% say their caregiving affects their performance on the job, not to mention the impact on the caregiver's family.

The AARP says "42% of caregiving "provides support to at least one of their parents, 15% for a friend, neighbor, or another non-relative, 14% for a child with special needs, 12% for a spouse or partner, 7% for a parent-in-law, and 7% or a grandparent or grandparents-in-law." 

As America continues to age, the need for long-term health care services grows. The demand for long-term health care services, either home care or facility care, has increased dramatically over the past few years. The greater demand for services added to labor shortages because of COVID-19 and higher labor costs place an even more significant burden on American families. 

Most of Us Will Face Long-Term Health Care at Some Point

People require long-term health care services due to illness, accidents, or the impact of longevity. Declining health and deteriorating bodies as we get older increase our need for long-term care as we get older. The number of people suffering from cognitive impairment is also growing. Those people require supervision and care services.

A third of workers have left a job because of caregiving responsibilities due to a family member needing long-term care - affecting employers and employees alike. 

How will your family react to your future need for long-term care services? What challenges will they face either being a caregiver or managing your care? 

Being a caregiver is not easy. It is hard juggling being a caregiver for a family member while dealing with their job responsibilities and their role as a spouse and parent. Don't forget the emotional and physical toll this puts on the caregiver.

Planning for the financial costs and burdens of aging should be a crucial part of retirement planning. 

Consider these facts:

  • About half of us who reach age 65 will require enough help with daily activities to trigger benefits from a Long-Term Care Insurance policy. The risk of needing help with daily living activities or supervision due to memory loss will require you to use your own income or savings to pay for the care, or you will need family members to be caregivers - or both.
  • For couples, the risk is very high. 91% of couples will have one person who will require long-term care services and supports.          
  • Many people can receive care in their own homes if they have sufficient resources to pay for the appropriate care.
  • Women still outlive men. This means that, generally, they will need care services after the husband has already passed away. Women also thrive longer in a care environment.

LTC Insurance Pays for Care at Home

Long-Term Care Insurance will pay for your choice of care services in the setting you and your family desire. Most Long-Term Care Insurance claims start with care at home.

While LTC Insurance pays for adult care centers, assisted living facilities, memory care facilities, and nursing homes, in addition to in-home care, you and your family have the choice of care services once you qualify for benefits.

Long-Term Care Insurance is Benefiting American Families

In 2021 over $12.3 Billion was paid to American families for care services from Long-Term Care Insurance policies. These affordable plans help protect assets, but they positively impact your family by giving them the time to be family.

Often people read that Long-Term Care Insurance is expensive. If you purchase policies when you are much older, they can be expensive. The best time to obtain coverage is in your 40s or 50s, when you still enjoy reasonably good health. 

LTC Insurance is Affordable and Custom Designed

Many people find they have obtained appropriate coverage for under $150 a month. Long-Term Care Insurance is custom-designed, and premiums are based on your age, health, family history, and other factors. 

A qualified Long-Term Care Insurance specialist can help find an affordable plan by matching your needs, budget, and health with the best available company. 

Your Health and Body Change Over Time - Be Prepared

You will either be a caregiver or a person needing care. Plan now for the challenges that longevity places on you, your family, your savings, and your lifestyle. 

Start your online research well before your retirement. Begin your online research by discovering the current and future cost of care services and the availability of tax incentives and partnership plans which provide additional asset protection. 

The LTC NEWS Cost of Care Calculator is an outstanding tool to help you in your research.

Make getting older easier on those you love. Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection.

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

You probably first noticed changes in your body by the time you were age 30. As we get older, we experience many changes in health, body, and mind. There are even changes in our mental health like depression and anxiety.

The result leads to needing help with daily activities we take for granted today. We can't avoid aging - aging happens. The costs of long-term health care have many consequences on our family and finances. 

Preparing your family and finances for the future costs and burdens of aging is an essential part of retirement planning. But Long-Term Care Insurance is more than just about money. 

Yes, long-term health care is a significant cash flow issue. LTC Insurance addresses this problem. But, long-term care is also a family issue. Without any plan in place, the family will go into crisis mode. The result can be a disaster for you and your family, and your wishes may take a back seat.

You Must Health Qualify to Obtain Coverage

You can't wait until you need you experience significant health problems. Often, it is too late to do any planning.

The underwriting criteria are different with each company. You will have to answer some health questions even to obtain accurate quotes. You ideally want to get coverage when you enjoy reasonably good health. If you are already receiving care in your home or if you live in a care facility, you would be ineligible for coverage. 

Planning Tools and Resources on LTC NEWS

You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis. 

To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:

Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.

Seek Professional Guidance

Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.

Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.

A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.

Finding Quality Care for Mom or Dad

Start by reading our guides -  

If they are lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea. 

Get Help in Filing a Long-Term Care Insurance Claim

Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.

LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation. 

You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News

Benefits of Reverse Mortgages 

Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.  

Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement. 

Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages. 

- Just "Ask Mike." - Reverse Mortgages | LTC News.

Share Your Knowledge - Be A Guest Contributor for LTC NEWS 

LTC NEWS is open to contributors to share their stories with the world. 

You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.

Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, and other English-speaking nations. 

Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS. 

You can even promote yourself, your business, and your website or blog. However, it must have editorial content exclusive to LTC NEWS and not just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News

Your Marketing and Advertising Partner – LTC NEWS

Use LTC NEWS to drive traffic to your website and help you attract people interested in your products and services. Plus, you can improve your website's SEO so more consumers can find you when they search for your products and services.

There are various marketing options available with LTC NEWS. Traditional advertising, sponsored content articles, strategic alliances, and more are available. 

Learn more about how LTC NEWS can help you market your business, drive traffic, and improve SEO - Advertise With Us | LTC News.

Shared Links

LTC NEWS offers a 'helpful links' page so readers looking for additional information can find them easily. You can get a dofollow link to your website on LTC NEWS in exchange for a dofollow link on your site.

Let's work together and help consumers who search for us on the web - Site Request | LTC News.

You can also affordably purchase a dofollow link to your website or blog on LTC NEWS. Just contact the advertising department.

Sharing News with LTC NEWS 

Include LTC NEWS in your press release distribution. If your group, organization, business, political committee, etc., have news to share, send it to LTC NEWS. Email - newsroom@ltcnews.com  

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